Massimo Cellino completes Leeds United takeover

Date: 9th April 2014 at 3:22 pm
Written by Luke Greenwood | Comments Off

Massimo Cellino has completed his takeover of Championship club Leeds United, reports the BBC.

He had agreed a deal to buy a 75% stake in the club through his company Eleonora Sports in February, only for the Football League to block his takeover in March.

But according to Cellino’s lawyers, the 57-year-old won his appeal against the ruling on Saturday.

His lawyers Mischon De Reya tweeted: “Massimo has been appointed a director of LUFC Holdings & ESL has completed its purchase of 75% of the shares.”

The Football League are still to confirm that the deal has officially been completed. The news comes on the same day that the club announced losses of £9.5million for the financial year 2012-13, but Cellino claims he will not be putting the club into administration.

“We have losses and we have to pay them. I thought the losses were less but it is OK,” he said.

“We have to stop wasting money that is not ours. I would never let the club go into administration; I did not come here to do that. I’ve never run a company in my life that went into administration.

“The club has a little illness at the moment but it is not in the hospital.”

Cellino also confirmed he is willing to give manager Brian McDermott time to turn things around on the pitch.

“I want to give Brian an opportunity to find out if he is good or not and if he is good then I am glad and if he is not then I will have to change. But I hope not,” he said.

“I will give him until the end of the season for me to get to know Brian and the players better. There is no rush. We have to be loyal and help each other.”

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